Recovery of the cryptocurrency market slowed down: bulls make tactical withdrawal

The cryptocurrency market has stabilized after an exciting start to the week. The total value of all digital assets in circulation was $ 122 billion. Although the main coins show a mixed picture amid a slight correction, the general sentiment remains positive.

Experts point to several factors that helped turn the tide, including a pullback from strong support as we approach $ 3,000.

Joe DiPascal, General Director of the cryptocurrency hedge fund BitBull Capital cryptocurrency fund said the following:

Yes, the support level of $ 3,000 and a short compression helped restore the price of Bitcoin, there are also many reports that Mark Doe closed his short position, which was open even when Bitcoin was about $ 19,000, which also adds positive sentiment.  

Now Bitcoin is trading at $ 3,772 without much change. The coin moves within a short-term bearish trend, which qualifies as a natural correction after a strong rally. Bitcoin's dominant position in the market remains at 53.9%, compared with recent highs at 55%.

The second largest market capitalization of cryptocurrency Ripple (XRP) is trading at $ 0.35. The coin fell below this level in Asia, but the sale was short. XRP / USD decreased by 3% per day, but grew by 2% from the start of trading on Thursday. Ripple is trading synchronously with other large altcoins, adjusting after the strong rally that was at the beginning of this week.

Ethereum (ETH) confidently stands above the critical level of $ 100. The coin tested prices below this level in the early Asian hours, but at the time of writing it had recovered to $ 102. The market capitalization of Ethereum fell to $ 10.4 billion, while the average trading volume was $ 2.3 billion, which is a high figure by historical standards.  

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